Homes: What you can buy for $150,000

That price point isn't considerably less than the median home value in the U.S., which is currently about $181,000, according to Zillow. But depending on where you look, a few thousand dollars could mean the difference between a savvy buy and a money pit.

A good rule of thumb is to compare the price of a listing with other properties in the neighborhood. If it costs much more or much less than other homes nearby, that should be a major red flag. It's also smart to compare neighborhood prices with home values in the surrounding metro area. A much lower neighborhood median home value could indicate high crime rates or poorly performing public schools.

If all the indicators line up, and a market is trending in the right direction, it's possible for deal-seeking homebuyers to find a modest, worthwhile spot in which to live or invest. For $150,000 in Portland's Multnomah neighborhood, you can buy an 800-square-foot condo with pool access. In the Gentilly Woods area of New Orleans, that amount will buy a 1,340-square-foot ranch house with a fireplace and jetted bathtub.

Atlanta, Georgia

Photo courtesy of Zillow

This two-bedroom, one-bathroom house in the Hills Park neighborhood of Atlanta is on the market for $145,000. It was first listed in August for $175,000, and the price has been reduced three times since. It's slightly more expensive than the modest median home value in the area, which is approximately $112,000, according to Zillow.

Atlanta, Georgia

Photo courtesy of Zillow

The home has hardwood flooring, a small front porch and a fenced-in yard. According to the listing, it has "great bones" but may need some "basic cosmetic improvements."

Yonkers, New York

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It features cherry cabinetry, granite countertops, stainless steel appliances, a partial dividing wall between the living and sleeping areas and access to a pool, sun deck, gym, sauna, play room, library, garage parking and storage space.

Cincinnati, Ohio

Photo courtesy of Zillow

A buyer with $140,000 in the West Price Hill area of Cincinnati could purchase this three-bedroom, three-bathroom, traditional-style home. The current owner has been there a while: The property last sold in March 1995 for $84,700. It is nearly three times as expensive as the astonishingly low median home value in the area, which is currently about $52,000, according to Zillow.

Cincinnati, Ohio

Denver, Colorado

Photo courtesy of Zillow

This two-bedroom, three-bathroom condo in the Villa Park neighborhood of Denver is on the market for $150,000. According to Zillow, the property was foreclosed to the lender in May 2013. Prior to that, it sold in a foreclosure auction in January 2005 for $137,000. It is considerably less expensive than the approximately $249,000 median home value in the area.

Denver, Colorado

Photo courtesy of Zillow

The two-story condo has 1,392 square feet of space, carpeting, a finished basement and in-unit laundry. The new owners might need to put in some sweat equity: There are obvious signs of wear and tear in the listing photos, including areas of unfinished flooring.

Miami, Florida

The unit features walk-in closets, tiled flooring, a balcony and glass-top range. It provides access to a shared laundry facility, pool, tennis courts and a clubhouse.

Portland, Oregon

Photo courtesy of Zillow

In the Multnomah neighborhood of Portland, this two-bedroom, one-bathroom condo went on the market this month for $150,000. It last sold in January 2006 for $120,500. The property is considerably less expensive than the median home value in the area, which is approximately $391,000, according to Zillow.

Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.